Fleet management corporation LeasePlan has been acquired from Global Mobility Holding, a joint venture of Volkswagen Aktiengesellschaft and Fleet Investments, by a consortium of long-term investors for €3.7 billion ($4.06 billion).

The Consortium is composed of a group of investors that includes Dutch pension fund service provider PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Merchant Banking Division of Goldman Sachs and investment funds managed by TDR Capital.

“As market leader in the global fleet management business, LeasePlan offers an attractive long-term investment opportunity,” said Eric-Jan Vink of PGGM, on behalf of the Consortium. “We are investing in the future of a company with an unmatched portfolio of market-leading assets, a highly knowledgeable and dedicated employee base and a sound strategy for the future, under highly experienced management.”

The agreement, which is expected to close by the end of the year, is subject to approval by the relevant regulatory and anti-trust authorities including the European Central Bank in consultation with the Dutch Central Bank.

The consortium plans to finance the acquisition with an equity invesmnet of approximately half of the total purchase prices, a mandatory convertible note of €480 million ($528 million) and a cash-pay debt facility of €1.55 billion ($1.7 billion) provided by an international syndicate of lenders.

Vahid Daemi will remain the CEO and chairman of the managing board at LeasePlan, as the consortium has indicated it will stick with the existing governance and strategy.